More than 250 foreclosed St. Louis properties auctioned off

St. Louis City auctioned off more than 250 foreclosed homes on Tuesday in the Civil Courts Building downtown. (Credit: KMOV)

St. Louis City auctioned off more than 250 foreclosed homes on Tuesday at the Civil Courts Building downtown.

The city holds the auction five times a year and it gives people the opportunity to bid for properties at a low price by on paying off the back taxes.

If the properties do not sell after two days, it goes to the city's land re-utilization authority.

"If you do your homework, there are a couple of diamonds in the rough, and you could acquire a nice piece of property for a small amount of money if you're willing to do the homework ahead of time and willing to do the work afterwards," said Joe Neill, the Chief Deputy of Executions for the St. Louis Sheriff's Department.

News 4 also spoke with a St. Louis City resident who walked away with a house for $750, which he hopes to turn into an investment property.

Copyright 2017 KMOV (Meredith Corporation). All rights reserved.

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